CrossTower, a crypto exchange platform, announced the launch of its global non-fungible token (NFT) marketplace on Tuesday.
The launch of the marketplace is in partnership with Hollywood movie Antara, blockchain-powered art ecosystem Terrain Art, abstract artists Shannon Rose and Alejandro Glatt as well as newswire ANI and actor Mike Boornazian.
Non-fungible tokens (NFTs) represent digital art, music, and gaming collectibles, backed by blockchain technology, the tech that enables the existence of cryptocurrencies like Bitcoin. With economies turning increasingly virtual, NFTs are also expected to enable metaverse. In 2021 alone, the global marketplace for NFTs reached $41 billion, as per data from Chainalysis.
In a release, the platform announced that it would provide a diverse set of NFT collection drops across various segments. It would allow users to trade in NFT drops of Hollywood movies’ IP rights and other niche art collections, in fiat as well as in cryptocurrency holdings. The exchange also aims to tap into the sports NFTs and celebrities’ personal collectibles.
On the occasion of the launch, Kapil Rathi, CEO, and co-founder of CrossTower said, “In 2022, the global market for NFTs reached billions of dollars. The market is expected to grow to over USD 80 billion by 2025. CrossTower not only provides best-in-class tech infrastructure but also offers an all-encompassing financial ecosystem with its listing, trading, and financing capabilities. CrossTower is well-positioned to grow alongside the NFT sector as it expands worldwide.”
In addition to the increased crypto adoption rate worldwide, the NFT sector is undergoing a significant change and is booming. It has opened doors of opportunity for the creative ecosystem.
Rohit Tandon, Head of Product for Blockchain and Emerging Technology at CrossTower said, “NFT's uniqueness and rapid adoption have created an extraordinary buzz among artists, creators, and their fans. Therefore, we believe, there is a need for a credible NFT marketplace to reach a larger audience as movie actors, cricketers and other artists enter the market. Our collaboration with credible brands is another positive step in the right direction, that will enhance the possibilities for creators and collectors alike.”
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today